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#321570 - 02/24/05 06:35 PM Scope on National Penn and Fraud
PABanker Offline
Gold Star
PABanker
Joined: Dec 2000
Posts: 491
Blue Ball, PA 17506
What happened at National Penn in a 3.4m fraud tab?

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#321571 - 02/25/05 01:42 AM Re: Scope on National Penn and Fraud
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
It was an employee fraud, a lender. Apparently involved identity theft, false loans, etc. Was described as a pyramid scheme. They aren't giving too many details because of the pending prosecution of the former employee. The lender had left the bank before the fraud was uncovered. It is described generally in an 8-K issued today.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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